CJT’S TOP 10 LIST ON MOST COMMON MISTAKES IN POST-DEATH TRUST ADMINISTRATION
Myth #10: A revocable Trust should hold all of the settlor’s assets. This is incorrect. Qualified retirement assets, like IRAs, 401(k) plans, pension and profit sharing plans, and 403(b) plans (tax sheltered annuities) should not be transferred to the revocable Trust while the employee participant is still living. A change in ownership of the retirement …
||Court’s Ability to Impose Continuing Court Supervision Over an Existing Trust
Under what circumstance may the probate court impose continuing court supervision on an existing trust?(1)
II. Short Answer
(1) Pending Conservatorship with Pre-Existing Revocable Trust. Where there is a pending conservatorship, the court may impose continuing court supervision, sua sponte, over conservatee’s existing revocable…
Rescinding an Irrevocable Trust Using 3-Defense Strategy
Unmarried couple raised two children together and for all intent and purpose, lived as husband and wife for 25 plus years without a legal marriage.”Husband,” a physician, was about to lose his malpractice insurance…
Youngest adult daughter, youngest daughter’s husband and their five children five move in to take care of 90-year old, mildly impaired father. For five years, youngest daughter and her family systematically spend half a million dollars using father’s credit cards. The other adult children and impaired father have no idea about the financial elder abuse.
When the other adult children finally get wind that the youngest daughter may be taking advantage of their…
Husband and wife are citizens of Foreign County but lawful permanent residents of the U.S, residing in the South Bay. They have no existing estate plan and no children. Husband is estranged from his parents and siblings, all of whom are still living abroad. Husband dies unexpectedly from a heart attack at age 60. Until the time of his death, Husband had handled all of the finances for the couple. Following his…
Clients had previously been appointed as Conservators for their elderly mother who no longer had the capacity to manage her own affairs. Mother’s estate was conservatively valued at $10,000,000, containing income producing rental properties in an affluent area of Los Angeles, her own valuable residence and a significant amount of cash. Mother had an old Will, but did not have a Trust or the other estate planning documents typically appropriate for such…
Client’s mother passed away in the early 1980s owning a number of properties in Los Angeles County, including a pair of valuable single family residences in Manhattan Beach. Client had originally attempted to administer the mother’s estate by himself and was even appointed as the Administrator of the mother’s estate by the Probate Court. Unfortunately, Client fell ill and never completed the administration of the mother’s estate. Following a full recovery, but…
The probate process remains a mystery to many California consumers seeking legal advice. While most Californians will tell their estate planning attorney that they want an estate plan, which avoids probate, few understand what that really means. Common misperceptions include the belief that (1) avoiding probate avoids estate taxes, (2) trusts eliminate all estate taxes and (3) probates are only required when someone dies without a will (i.e., intestate). The purpose of this…
Christopher D. Carico has been named by Southern California Super
Lawyers magazine as one of the top attorneys in California for 2010 in the field of Estate Planning & Probate. Only five percent of the lawyers in the state are named by Super Lawyers.
The selections for this esteemed list are made by the research team at Super Lawyers,
which is a service of the Thomson Reuters, Legal division based in Eagan, MN. Each
Christopher D. Carico was recently selected by his peers for inclusion in The Best Lawyers in America® 2011 in the field(s) of Trusts & Estates (Copyright 2010 by Woodward/White, Inc., of Aiken, S.C.).
Since its inception in 1983, Best Lawyers has become universally regarded as the definitive guide to legal excellence. Because Best Lawyers is based on an exhaustive peer-review survey in which more than 39,000 leading attorneys cast almost 3.1 million votes…